Office space demand across secondary markets outside Bucharest is expected to grow gradually, led by multinational companies that are already moving their staff to high-quality low-rent office premises in Timisoara, Cluj-Napoca or Brasov. Wall-Street interviewed market specialists to assess the chances of the secondary market to prime locations in their race for large corporate tenants looking for quality office space.
An increasing number of companies have expressed their interest in moving into office buildings in large cities outside Bucharest, leaving behind empty office spaces that may be difficult to back fill, and vacancy rates spiraling upwards on a quarterly basis. As the development pipeline figure looks promising for the secondary market, swapping Bucharest CBD with secondary locations is an attractive option for multinational companies.
“Some of the most attractive office space areas to relocate are: Timisoara, Cluj-Napoca, Iasi, Brasov, Pitesti. These cities have been the country’s most popular destinations for back-office, outsourcing services and for the offices attached to industrial developments”, Catalina Jigman (photo), Head of Office CB Richard Ellis | Eurisko.
Some of the favorite office destinations are large cities with sustained economic development, highly qualified staff, and low rents compared with Bucharest.
In 2009, CBRE|Eurisko operated in the office segment in Brasov, Pitesti, and Cluj-Napoca. Another real estate consultant operating in the province is Jones Lang LaSalle that assisted both tenants and landlords in several leasing agreements.
“Workforce, language skills and rent/quality/flexibility factors have proven that Timisoara remains the central focus of companies looking to relocate. Cluj-Napoca is now the entry ticket of companies to Central and Eastern Europe”, said Lori Collin, senior consultant at Jones Lang LaSalle.
“In the secondary cities across the country, most of the office space rental ads are in Timisoara (551), followed by Cluj-Napoca (357) and Brasov (198), according to imobiliare.ro portal. Although in Iasi there are only 67 offers for the time being, it still marks a 97% increase year-on-year. In Timisoara, the number of office space rental ads rose 22% from a year earlier, while in Brasov and Cluj-Napoca the number of ads dropped 15% and 16% respectively.
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